It will be used to convince others such as banks and potential investors about the strengths of your company and its ability to grow and thrive. Your business plan reflects how much you know about what you do. As well as your industry, and your competition and their products or services offered.

And as the old military saying goes no plan survives contact with the enemy. Well neither will your business plan. You will need to update it regularly to keep it relevant. It will always be a work in progress.

That's one of the things that most people don't realize. As time goes on situations will change. Your goals change, opportunities come and go, and the realities of your market change. It is not to say that things will change dramatically in a short period of time but over months and years they can. Your business plan needs to reflect that and stay up to date with the current situation and where you plan to go.

A well prepared business plan is never a wrong move. It forces you to periodically take a hard realistic look at your business so you are prepared for the future.